Growing Demand for Smart
Grids to Drive Global Transformer Monitoring System Market
Transformer
monitoring systems are hardware/software systems that monitor the activity of
transformers in order to ensure steady, fault-free operation. The increasing
demand for smart grid networks in emerging areas around the world is likely to
be the major driver for the Transformer
Monitoring System Market over the forecast period, according to a new
report from Market Research Future (MRFR). Transformer monitoring systems are a
highly important component of electrical power distribution networks and are
likely to exhibit increasing demand over the forecast period. The increasing
presence of different subsets of end users requiring different levels of
electrical power is likely to be a major driver for the global transformer
monitoring systems market over the forecast period. Market Research Future
(MRFR) has published a research report about the global Transformer
Monitoring System Market Size that predicts growth for
this market at during the forecast period that would end in 2022.
Transformers
are an electrical component used to increase or decrease the voltage of the
electric current in the mainline grid. The role of transformers in large-scale
electricity distribution systems is enormously important. A significant amount
of electrical energy is lost during long-distance transmission of an electric
current. However, this wastage can be minimized by maximizing the voltage
during long-distance transmission. Thus, transformers are used to “step up” the
voltage in a mainline grid system before the electricity is sent across the
board to the various branches of the grid system. This ensures minimal power loss
during transmission. However, the high voltage maintained during long-distance
transmission cannot operate household appliances, as the latter run on a lower
level of voltage. Thus, transformers are also used in the reverse operation of
reducing the voltage in the current, known as “stepping down”, before the
electricity is sent to individual end users.
The
two-way application of transformers in electricity grids has made them a highly
important part of the energy sector in recent years. This makes protection of
the transformers vital for the health of the overall electricity grid.
Transformer monitoring systems are used to this end, in order to ensure steady
operation of transformers and to eliminate any risk of damage to the device.
Increasing Electrification
Projects to Drive Transformer Monitoring System Market
The
increasing efforts from governments, especially in developing countries, to
achieve 100% electrification have been a major driver for the global
transformer monitoring system market, as these initiatives have driven the
demand for transformers, thus leading to a growing demand for the various
accessories and complementary equipment needed to operate transformers in a
safe and sustainable manner.
Countries
such as India and China are at the top of the pile when it comes to
electrification efforts, with the Narendra Modi-led government in India making
it a top priority to achieve 100% electrification and the Chinese government
also making major efforts to provide power to every last village in the massive
country. These two countries have also emerged as major players in the
development and technological innovation of electrical components, leading to
strong prospects for the transformer monitoring system market in the region.
Growing Demand for Smart
Grids to Drive Global Transformer Monitoring Systems Industry
The
growing demand for smart grid technology across the world is likely to be a
major driver for the transformer monitoring systems market over the forecast
period. Smart grids have proven to be of major benefit in eliminating power
wastage along transmission lines and ensuring equitable distribution of
electric power to various end users. Transformer monitoring systems are likely
to play a huge role in smart grid systems, as stepping the voltage up or down
according to the requirements is a major task for smart grid systems. The need
to distribute varying levels of voltage to different end-use applications, such
as industrial and residential, is likely to be a major driver for the transformer
monitoring systems market over the forecast period.
Asia
Pacific is likely to dominate the global transformer monitoring systems market
over the forecast period, with India and China emerging as the leading players
in the global market.
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